SciQuest reported lower adjusted net income that nonetheless was in line with Wall Street’s expectations.
The Morrisville company reported after the markets closed Thursday that it posted adjusted net income of $1.3 million, or 5 cents per share, in the first quarter. That was down from $2.1 million a year ago.
Revenue totaled $25.9 million compared to $25.4 million a year ago.
CEO Stephen Wiehe said in a statement that the first-quarter results put the company on track to achieve its growth and profitability targets for the full year.
SciQuest’s procurement technology enables customers to buy goods and services online more efficiently. Its customer range from casinos to universities, from drug makers to governments.
SciQuest released its earnings after the markets closed Thursday. Earlier, the company’s stock closed at $15.37, down 41 cents. The stock is up 6 percent this year.